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  Actually Reg the bankers and their fellow-travellers have so far only damaged their own shareholders in terms of financial loss. The bailout by the government only becomes public spending if a loss results on sale of those assets acquired under the bailout schemes. In the longer term that is unlikely. Keith says you are a greater financial wizard than BarryW so I apologise if I appear to be teaching my grandmother to suck eggs.
  
  And no, there have been no significant cuts so far, only cuts budgeted for future financial years. I do wish you would stick to facts.
  
  I hope this post will escape censure on the basis that there are no one-liners in it. Except this one. Whoops.

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